$ORCL Net debt to EBITDA for $ORCL is pretty uncomfortable right now but if you look 2 years out, their EBITDA will be growing at a much faster pace. Especially in 2028+. The only real they have in my opinion is the prospect of OpenAI not being able to meet their RPO obligations if their models get commoditized into oblivion from competition. They can service for atleast 3 years of RPO from cash on balance sheet and cashflows, they could prob increase run rate by 2 years if they’re able to IPO at a healthy price but beyond that… no clue. Would you bet on Oracle knowing its future is heavily tied to OpenAI success?
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